Despite limited inventory in the OC industrial market, WindWater Real Estate was able to identify a property that provided their client, P&P Imports an opportunity to advance their business operations.
P&P Imports is a global, athletic supply and outdoor game distributor specializing in Amazon sales. They began operating from an apartment on the Balboa Peninsula, and within 10 years, P&P moved into a 37,000 SF Santa Ana location. The company quickly reached maximum capacity at this location and exhausted the entire yard area with storage containers, finding themselves in a position to expand yet again.
On the hunt for both size and location, P&P was considering industrial buildings outside of Orange County due to limited inventory in the OC industrial market.
P&P confided in WindWater Real Estate and its new industrial-focused team which launched earlier this year.
“The industrial team at WindWater kept a close eye on the market for us. Our recent growth necessitated a move into a larger building, and they were able to quickly present a variety of options in a challenging low-vacancy market,” said Peter Engler, Owner of P&P Imports.
WindWater identified 17352 Derian Avenue in Irvine, a 132,545 SF warehouse as the best opportunity due to its close proximity to the current Santa Ana location, which would limit employee loss and allow for future expansion.
When the Derian building first came on the market for lease, it was too early for P&P to take down that big of a building. Fast forward a couple of months later, the landlord, Turner Real Estate Investments had a deal that fell through. The WindWater Industrial Team became aware of this failed transaction and presented the opportunity to P&P again, but this time around, a lease was executed for the 132,545 SF warehouse.
WindWater negotiated a lease term that allowed for some flexibility at an extremely competitive value considering the location, building size, and quality. This transaction is one of the most competitive lease comps in the area for a building of this quality.
“The WindWater Industrial team was instrumental in negotiating a great lease while also helping us exit the lease on our old building. Their expert market knowledge and constant communication make them a valuable asset,” continued Engler.